The Works activist investor hits back at retailer’s ‘absurd’ claims
The activist investor seeking to gain a seat on the board at The Works has hit back at the discount retailer’s “absurd” claims the move would undermine its growth plans. Kelso, an activist investor, has criticised the AIM-listed retailer for urging shareholders to block its attempt to install retired private equity partner Graeme Coulthard as [...]
Activist investor Kelso has challenged a discount retailer's claims that a proposed board appointment would hinder its growth, dismissing them as "absurd" and "misleading." The Works, a UK-based retailer of toys and arts and crafts, has warned that the proposed appointment of retired private equity partner Graeme Coulthard could "create unnecessary distraction" and "derail" the board's growth strategy.
Kelso's CEO, John Goold, argues that Coulthard's experience as a director of Card Factory between 2010 and 2015 would bring significant value to the company. The Works' shares fell more than five percent after Kelso's claim, which called the retailer "one of the most undervalued companies on the UK stock market."
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